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Side-by-side financial comparison of ASTRONICS CORP (ATRO) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $240.1M, roughly 1.1× ASTRONICS CORP). On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 15.1%). ASTRONICS CORP produced more free cash flow last quarter ($15.8M vs $10.9M). Over the past eight quarters, ASTRONICS CORP's revenue compounded faster (13.9% CAGR vs 4.4%).
Astronics Corporation is an American aerospace electronics corporation founded in 1968, headquartered in East Aurora, New York. It is traded on NASDAQ as Nasdaq: ATRO. It is known for lighting and electronics integrations on military, commercial, and business aircraft and semiconductor test systems.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
ATRO vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.1M | $274.5M |
| Net Profit | — | $13.3M |
| Gross Margin | 33.3% | 36.1% |
| Operating Margin | 14.8% | 1.2% |
| Net Margin | — | 4.8% |
| Revenue YoY | 15.1% | 17.1% |
| Net Profit YoY | — | 69.8% |
| EPS (diluted) | $0.82 | $0.30 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $240.1M | $274.5M | ||
| Q3 25 | $211.4M | $250.8M | ||
| Q2 25 | $204.7M | $250.7M | ||
| Q1 25 | $205.9M | $227.8M | ||
| Q4 24 | $208.5M | $234.3M | ||
| Q3 24 | $203.7M | $233.1M | ||
| Q2 24 | $198.1M | $257.6M | ||
| Q1 24 | $185.1M | $252.0M |
| Q4 25 | — | $13.3M | ||
| Q3 25 | $-11.1M | $7.5M | ||
| Q2 25 | $1.3M | $6.6M | ||
| Q1 25 | $9.5M | $3.8M | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-11.7M | $-233.6M | ||
| Q2 24 | $1.5M | $20.2M | ||
| Q1 24 | $-3.2M | $24.1M |
| Q4 25 | 33.3% | 36.1% | ||
| Q3 25 | 30.5% | 39.5% | ||
| Q2 25 | 25.8% | 37.3% | ||
| Q1 25 | 29.5% | 39.4% | ||
| Q4 24 | 29.8% | 38.6% | ||
| Q3 24 | 27.1% | 23.2% | ||
| Q2 24 | 28.0% | 37.3% | ||
| Q1 24 | 25.7% | 38.7% |
| Q4 25 | 14.8% | 1.2% | ||
| Q3 25 | 10.9% | 3.1% | ||
| Q2 25 | 2.3% | 0.0% | ||
| Q1 25 | 6.4% | 0.8% | ||
| Q4 24 | 4.3% | 6.0% | ||
| Q3 24 | 4.1% | -108.7% | ||
| Q2 24 | 3.8% | 4.7% | ||
| Q1 24 | 0.9% | 7.6% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | -5.2% | 3.0% | ||
| Q2 25 | 0.6% | 2.6% | ||
| Q1 25 | 4.6% | 1.6% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | -5.8% | -100.2% | ||
| Q2 24 | 0.8% | 7.8% | ||
| Q1 24 | -1.7% | 9.6% |
| Q4 25 | $0.82 | $0.30 | ||
| Q3 25 | $-0.31 | $0.18 | ||
| Q2 25 | $0.04 | $0.16 | ||
| Q1 25 | $0.26 | $0.09 | ||
| Q4 24 | $-0.07 | $0.27 | ||
| Q3 24 | $-0.34 | $-5.33 | ||
| Q2 24 | $0.04 | $0.45 | ||
| Q1 24 | $-0.09 | $0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.2M | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $140.1M | $2.1B |
| Total Assets | $706.7M | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | $839.3M | ||
| Q3 25 | $13.5M | $870.4M | ||
| Q2 25 | $13.5M | $899.6M | ||
| Q1 25 | $24.8M | $926.9M | ||
| Q4 24 | $9.3M | $930.2M | ||
| Q3 24 | $5.2M | $1.0B | ||
| Q2 24 | $2.9M | $1.1B | ||
| Q1 24 | $5.3M | $1.1B |
| Q4 25 | $140.1M | $2.1B | ||
| Q3 25 | $108.9M | $2.1B | ||
| Q2 25 | $271.6M | $2.1B | ||
| Q1 25 | $266.8M | $2.1B | ||
| Q4 24 | $256.1M | $2.0B | ||
| Q3 24 | $249.2M | $2.1B | ||
| Q2 24 | $257.9M | $2.3B | ||
| Q1 24 | $251.7M | $2.3B |
| Q4 25 | $706.7M | $2.4B | ||
| Q3 25 | $682.2M | $2.4B | ||
| Q2 25 | $646.7M | $2.4B | ||
| Q1 25 | $662.2M | $2.3B | ||
| Q4 24 | $648.8M | $2.3B | ||
| Q3 24 | $651.6M | $2.4B | ||
| Q2 24 | $644.9M | $2.5B | ||
| Q1 24 | $630.0M | $2.6B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $27.6M | $28.8M |
| Free Cash FlowOCF − Capex | $15.8M | $10.9M |
| FCF MarginFCF / Revenue | 6.6% | 4.0% |
| Capex IntensityCapex / Revenue | 4.9% | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.6M | $28.8M | ||
| Q3 25 | $34.2M | $35.3M | ||
| Q2 25 | $-7.6M | $-2.2M | ||
| Q1 25 | $20.6M | $13.4M | ||
| Q4 24 | $26.4M | $73.8M | ||
| Q3 24 | $8.4M | $66.1M | ||
| Q2 24 | $-6.3M | $53.5M | ||
| Q1 24 | $2.0M | $54.6M |
| Q4 25 | $15.8M | $10.9M | ||
| Q3 25 | $21.0M | $14.6M | ||
| Q2 25 | $-12.2M | $-17.6M | ||
| Q1 25 | $18.5M | $-11.4M | ||
| Q4 24 | $23.2M | $50.6M | ||
| Q3 24 | $6.5M | $43.0M | ||
| Q2 24 | $-8.1M | $29.2M | ||
| Q1 24 | $439.0K | $26.5M |
| Q4 25 | 6.6% | 4.0% | ||
| Q3 25 | 9.9% | 5.8% | ||
| Q2 25 | -6.0% | -7.0% | ||
| Q1 25 | 9.0% | -5.0% | ||
| Q4 24 | 11.1% | 21.6% | ||
| Q3 24 | 3.2% | 18.4% | ||
| Q2 24 | -4.1% | 11.3% | ||
| Q1 24 | 0.2% | 10.5% |
| Q4 25 | 4.9% | 6.5% | ||
| Q3 25 | 6.2% | 8.3% | ||
| Q2 25 | 2.2% | 6.1% | ||
| Q1 25 | 1.0% | 10.9% | ||
| Q4 24 | 1.5% | 9.9% | ||
| Q3 24 | 0.9% | 9.9% | ||
| Q2 24 | 0.9% | 9.4% | ||
| Q1 24 | 0.9% | 11.1% |
| Q4 25 | — | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | -5.81× | -0.34× | ||
| Q1 25 | 2.17× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.08× | 2.65× | ||
| Q1 24 | — | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATRO
| Product Line Electrical Power And Motion | $113.8M | 47% |
| Product Line Avionics | $32.0M | 13% |
| Military Aircraft | $28.0M | 12% |
| General Aviation | $22.3M | 9% |
| Government And Defense | $20.5M | 9% |
| Product Line Systems Certification | $13.2M | 6% |
| Product Line Structures | $3.7M | 2% |
| Product Line Other | $2.3M | 1% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
